HC-6.4.16
The Head of Compliance, with the assistance of
(a) report to the board of directors or the designated committee of the board on a quarterly basis, even if there are no issues to highlight,
(b) report to the board or the designated committee of the board on the bank's management of its compliance risk, in such a manner as to assist board members to make an informed judgment on whether the bank is managing its compliance risk effectively;
(c) report promptly to the board or the designated committee of the board on any material compliance failures as they arise (e.g. failures that may attract a significant risk of legal or regulatory sanctions, material financial loss, or loss to reputation); and
(d) ensure that senior management develop remedial action plans to address compliance breaches.
Added: January 2019